How much can you save?

PruHarrison

Saving is good but in this month I don't have any saving.

cathybird

Just thought I'd post here to say my savings for November seem to be going pretty well so far (early days yet ). I plan to read back through this thread in order to get even more inspired by youall :T though I am quite sure there are many here who will put me to shame.

philcdav

40 years ago I was advised to run a household accounts 'diary'

No spreadsheets then so all done on paper !

Over the years its been extended to cover all expenditure including savings.

Ready made sheets are freely available. Its a good start

tara747

Hi philcdav, can you point us in the direction of the ready made sheets? Could be useful for a lot of us on here. And welcome to the thread xx

cathybird

Yes, I could do with some guidance re ready made-sheets too. I need to set up some proper spreadsheets, I think. I am quite sure it would help to keep my mind on the job. :rotfl:

Momomo_2

There is a site which offers a free spread sheet for tracking everything you spend - you can tailor it.

I found it on a site called thelifelifebalance.com:

http://thelifelifebalance.com/product/life-life-abacus-essential-version/

I've been using this for just over a year. It could do with a few improvements but overall it's been pretty useful and it's free.

guitarman001

Got put to shame today - found out a nurse friend has ~£60k in savings after working for 11 years on less than half my salary (her shares seem to have done extremely well despite the fact she doesn't quite know what she's invested in either, other than it being low risk). If it weren't for 'wasting' £20k on high-risk investments I'd have £65k right now (working for 6 years) but I hope to make it back up. Might take a break over Christmas which will put a little dent on things, but been saving ~£1.2k a month so not all bad.

ALM2013

I want to start saving big time for lovely holidays and a house. Today I had my LBM! Pay off overdraft, credit card and get saving! Can't wait to see my balance go up all the time.

Oxides

guitarman001 wrote: »

Got put to shame today - found out a nurse friend has ~£60k in savings after working for 11 years on less than half my salary (her shares seem to have done extremely well despite the fact she doesn't quite know what she's invested in either, other than it being low risk). If it weren't for 'wasting' £20k on high-risk investments I'd have £65k right now (working for 6 years) but I hope to make it back up. Might take a break over Christmas which will put a little dent on things, but been saving ~£1.2k a month so not all bad.

Everyone lives there life's different, you can think ooh if only. Try saving money each money use MSE to learn, but you still have to have some fun.

A quote I like:

A smart man learns from his mistakes, but a wise man learns from the mistakes of others!!!

Young_Investor

Hi everyone. I thought I'd join this thread as I've found it interesting and it'll be a good way to keep track of my goals.

I currently have £4,020 in cash and want to have at least £10,000 by the end of next year. I will try to save at least £500 a month however in this amount I may dip into to pay for 'emergencies' or a holiday and have worked out I need to save £425pm to meet my target.

I'm not saving for anything specific - just to improve my financial health I suppose (I own some 'high risk' shares - so trying to lower my financial risk profile) and you never know when a decent amount of cash will be useful e.g. house deposit, new car, or to take advantage of falls in the stock market.